Is October Still a Good Time to Sell Your Home?
Thinking about selling your home but wondering whether October is too late in the year?
There is a common belief that if you haven't put your home on the market by the end of summer, you might as well wait until spring. While there is some logic behind this, it isn't quite that simple.
October can still be a good time to sell, particularly if your home is priced correctly and presented well. There are fewer distractions than during the summer holidays, and there are still plenty of buyers who need to move before Christmas, want to be settled before the New Year or simply don't want to wait another six months to make their next move.
Who is still buying in October?
The buyers looking in October aren't necessarily that different from those searching earlier in the year. The main difference is often how motivated they are. There are first-time buyers who have been saving for months and are now ready to make a move. Families may be looking to move before the next school year, while others may have had a property fall through earlier in the year and are still actively searching. There are also buyers who have been watching the market for some time, waiting for the right property rather than a particular month. For these buyers, finding the right home in October can be more important than waiting for the spring market.
October can mean less competition
One of the advantages of selling in October is that you may not be competing with quite as many properties as you would during the busiest periods of the year. That doesn't mean every home will attract dozens of buyers, but it can mean your property has a better opportunity to stand out. The key is getting the pricing right. Buyers have more information than ever before and can quickly compare your property with others currently available, as well as homes that have recently sold. A realistic asking price, good presentation and strong marketing are still more important than the month you choose to sell.
What about Christmas?
Another reason some homeowners hesitate is the thought that putting their home on the market in October means dealing with Christmas and a slower market just a few weeks later. In reality, the timing can work in your favour. A buyer who finds your property in October may be able to agree a sale and start the legal process while there are still several weeks before Christmas. Depending on the circumstances, this can put you in a position where you are already well into the process by the time the New Year arrives. And if you don't sell before Christmas, you've already tested the market and gained valuable feedback rather than waiting until January to find out how buyers respond to your property.
Is spring a better time?
Spring is traditionally one of the busiest periods of the year for the property market, and there are good reasons for that. Longer days, better weather and buyers who have decided to make a move after Christmas can all increase activity. But more buyers also means more sellers. If everyone waits until February or March, you could find yourself competing against a much larger number of similar properties. There is also no guarantee that the market six months from now will be better for your particular property. Mortgage rates, affordability, local supply and demand can all change. Waiting for a theoretically better market can sometimes mean simply waiting.
The important question is: why are you selling?
Rather than asking whether October is the best month to sell, it is probably more useful to ask whether now is the right time for you.
If you're moving because you've found your next home, need more space, are relocating or simply want to move on with your plans, there may be little benefit in delaying for several months just because spring is traditionally busier. Equally, if you're not ready to move and have no particular reason to sell now, there is nothing wrong with waiting.
The right timing depends on your circumstances, your property and what is happening in your local market.
Our advice to homeowners
If you're considering selling this October, don't dismiss the idea simply because summer has passed. There are still buyers looking, and the people who are searching at this time of year can often be serious about moving. The most important things are getting the price right from the start, making sure your home photographs well and being realistic about what buyers are currently prepared to pay.
You don't necessarily need to wait for spring to sell your home. If you're thinking about moving, October can be a perfectly sensible time to put your property on the market — particularly if doing so helps you get ahead of the spring rush rather than joining it. If you're unsure whether now is the right time, a conversation with a local estate agent can help you understand how your type of property is performing in the current market and what buyers are actually paying for similar homes in your area.
